Liminal BioSciences Announces Closing of Sale of Plasma-Derived Therapeutics Manufacturing Facility

Rhea-AI Summary

Liminal BioSciences (Nasdaq: LMNL) has finalized the divestment of its plasma-derived therapeutics manufacturing unit to Kedrion S.p.A. for USD 5 million. This transaction, termed the First Closing, allows Liminal to also gain 70% of the net proceeds from a Rare Pediatric Disease Priority Review Voucher sale by its subsidiary, Prometic Biotherapeutics Inc. The Second Closing remains contingent upon specific conditions being met. Liminal is focused on developing treatments for diseases with unmet needs, recently advancing its lead product, fezagepras, through clinical trials.

Positive

• Received USD 5 million from the divestment of manufacturing subsidiary.
• Entitled to 70% of net proceeds from the sale of Rare Pediatric Disease Priority Review Voucher.

Negative

• The Second Closing is contingent upon the sale of the PRV and fulfillment of other conditions.

LAVAL, QC and CAMBRIDGE, England, July 9, 2021 /PRNewswire/ - Liminal BioSciences Inc. (Nasdaq: LMNL) ("Liminal BioSciences" or the "Company"), a clinical-stage biopharmaceutical company, announced today that it has closed on the previously announced divestment of its plasma-derived therapeutics manufacturing subsidiary to Kedrion S.p.A. ("Kedrion") (the "First Closing"). The manufacturing facility is operated through Liminal BioSciences' subsidiary, Prometic Bioproduction Inc. ("PBP").

The consideration received by Liminal for PBP was USD 5 million, which was received upon closing, subject to adjustments. Liminal will also be entitled to receive 70% of the net proceeds from a sale of the Rare Pediatric Disease Priority Review Voucher ("PRV") by its subsidiary, Prometic Biotherapeutics Inc. ("PBT"), which would be payable to Liminal prior to closing the divestment of its remaining plasma-derived therapeutics business operated through PBT (the "Second Closing"). PBT is the holder of the biological license application ("BLA") for Ryplazim^® (plasminogen, human-tvmh) ("Ryplazim^®") for the treatment of patients with plasminogen deficiency type 1 (hypoplasminogenemia). The Second Closing is subject to the fulfilment of certain conditions precedent, including the sale of the PRV by PBT.

About Liminal BioSciences Inc.
Liminal BioSciences is a biopharmaceutical company focused on discovering, developing and commercializing novel treatments for patients suffering from diseases of unmet medical need, primarily related to fibrosis, including respiratory, liver and kidney diseases. In December 2020, Liminal BioSciences' lead small molecule product candidate, fezagepras (PBI-4050), entered a Phase 1 clinical trial in in the UK to evaluate multiple-ascending doses in normal healthy volunteers, at daily dose exposures higher than those evaluated in our previously completed Phase 2 clinical trials. The Company expects that a full analysis of the complete PK data set from the phase 1 multi-ascending dose clinical trial will help determine the choice of any other potential indication(s) for further development of fezagepras. No dose-limiting adverse events or other potential safety signals have been observed in the Phase 1 multiple-ascending dose clinical trial to date.

Liminal BioSciences has active business operations in Canada and the United Kingdom.

Forward Looking Statement
This press release contains forward-looking statements about Liminal BioSciences' objectives, strategies and businesses that involve risks and uncertainties. Forward–looking information includes statements concerning, among other things, statements with respect to the closing of the share purchase agreement for the Ryplazim^® business; the sale of the PRV or receipt of proceeds from such sale; the utilization of proceeds from any such transaction; the potential of our product candidates and development of R&D programs and the timing of initiation or nature of preclinical and clinical trials.

These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Among the factors that could cause actual results to differ materially from those described or projected herein include, but are not limited to, risks associated with: the closing of the share purchase agreement; the Company's ability to monetize the PRV, or develop, manufacture, and successfully commercialize product candidates, if ever; the impact of the COVID-19 pandemic on the Company's business operations, clinical development, regulatory activities and financial and other corporate impacts; the availability of funds and resources to pursue R&D projects, manufacturing operations or commercialization activities; the successful and timely completion of clinical trials; the ability of Liminal BioSciences to take advantage of financing opportunities or business opportunities in the pharmaceutical industry; uncertainties associated generally with research and development, clinical trials and related regulatory reviews and approvals; and general changes in economic conditions. You will find a more detailed assessment of these risks, uncertainties and other risks that could cause actual events or results to materially differ from our current expectations in the filings the Company makes with the U.S. Securities and Exchange Commission and Canadian Securities Commissions filings and reports filings and reports, including in the Annual Report on Form 20-F for the year ended December 31, 2020 and future filings and reports by the Company, from time to time. Such risks may be amplified by the COVID-19 pandemic and its potential impact on Liminal BioSciences' business and the global economy. As a result, we cannot guarantee that any forward-looking statement will materialize. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof.  We assume no obligation to update any forward-looking statement contained in this Press Release even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations.

View original content:https://www.prnewswire.com/news-releases/liminal-biosciences-announces-closing-of-sale-of-plasma-derived-therapeutics-manufacturing-facility-301328922.html

SOURCE Liminal BioSciences Inc.

FAQ

What is the significance of Liminal BioSciences' divestment announced on July 9, 2021?

Liminal BioSciences completed the divestment of its plasma-derived therapeutics facility for USD 5 million, receiving funds immediately and potentially more from the sale of a Priority Review Voucher.

How much did Liminal BioSciences receive from the divestment?

Liminal BioSciences received USD 5 million upon closing the divestment.

What conditions are attached to the Second Closing for Liminal BioSciences?

The Second Closing is subject to the fulfillment of conditions including the sale of a Rare Pediatric Disease Priority Review Voucher.

What is the current focus of Liminal BioSciences regarding R&D?

Liminal BioSciences is focused on developing treatments for unmet medical needs related to fibrosis, with its lead product candidate fezagepras undergoing clinical trials.